PENSCO LAUNCHES Successor Custodian
Automated Platform Helps Financial Institutions Remediate Alternative Assets In Retail Wealth Management Accounts
SAN FRANCISCO – PENSCO, one of the nation's leading custodians of alternative investments in retirement accounts, today announced the launch of PENSCO SuccessorCustodian™.
PENSCO SuccessorCustodian enables institutions to easily transfer or remediate entire classes of alternative assets to PENSCO, which specializes in holding and administering complex alternative assets in tax-advantaged retirement accounts. PENSCO SuccessorCustodian simplifies the remediation process through streamlined workflow and electronic document processing.
State and federal regulators are directing wirehouses and broker-dealers to find independent, successor custodians for tens of billions of dollars of alternative investments in client retirement accounts. Regulators want financial institutions to designate independent custodians to hold those client accounts to ensure that alternative assets in IRAs and other tax-qualified plans remain in tax and regulatory compliance. SuccessorCustodian™ is one way that institutions can manage the transition.
"PENSCO SuccessorCustodian offers institutions and financial advisors a streamlined and orderly process for transferring a large volume of alternative assets to PENSCO while retaining control of the client relationship," said PENSCO CEO Kelly Rodriques. "PENSCO SuccessorCustodian is an institutional-quality solution that lowers compliance risk, reduces account administration costs, and demonstrates progress in remediating alternative assets."
PENSCO, which has more than 57,000 clients, serves as successor custodian for many of the nation's largest institutions.
Founded 22 years ago, PENSCO delivers the expertise, technology infrastructure, compliance and reporting capabilities to address the special challenges in holding and administering alternative assets. PENSCO has more than $10 billion in assets under custody, including direct investments in many types of real estate, private equity, private placements, secured notes, foreign currency, and precious metals.
For more information about PENSCO SuccessorCustodian, contact us.